Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][18] Core Views - The company experienced a revenue of 22.02 billion, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 0.73 billion, down 7.4% year-on-year. However, the non-recurring net profit slightly increased by 0.2% year-on-year [1] - The company is focusing on digital transformation by launching a traffic big model solution, integrating data and advanced algorithms to provide value-added services in the transportation sector [1][2] - The company reported a cash dividend of 0.25 billion, with a dividend payout ratio of 38% [1] Financial Performance - In the first half of 2025, the company achieved a gross margin of 15.4%, an increase of 0.45 percentage points year-on-year, while the net profit margin was 3.31%, up 0.29 percentage points year-on-year [4] - The company’s new signed orders reached 46.2 billion, a slight increase of 0.18% year-on-year, with significant growth in road engineering and other engineering sectors [3][4] Segment Performance - By industry, the construction, design services, infrastructure operation, and digital information businesses reported revenues of 18.56 billion, 0.53 billion, 1.52 billion, and 0.15 billion respectively, with varying year-on-year growth rates [2] - Regionally, the company saw rapid growth in Fujian, Jiangsu, Yunnan, and Sichuan, with year-on-year increases of 62%, 99%, 62%, and 57% respectively [2] Future Projections - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 3.1 billion, 3.37 billion, and 3.71 billion respectively, with corresponding PE ratios of 6.5, 5.9, and 5.4 times [1][6]

8月27日隧道股份发布2025半年度分配预案，拟10派0.8元（含税），预计派现金额合计为2.52亿元。派 现额占净利润比例为34.61%，这是公司上市以来，累计第29次派现。 公司上市以来历次分配方案一览 按申万行业统计，隧道股份所属的建筑装饰行业共有14家公司公布了2025半年度分配方案，派现金额最 多的是中国化学，派现金额为6.11亿元，其次是隧道股份、亚翔集成，派现金额分别为2.52亿元、2.13 亿元。（数据宝） 2025半年度建筑装饰行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601117 | 中国化 学 | 0.00 | 1 | 61068.77 | 19.69 | 1.34 | | 600820 | 隧道股 份 | 0.00 | 0.8 | 25152.77 | 34.61 | 1.29 | | 603929 | 亚翔集 成 | 0.00 | 10 | ...

2025年8月28日，隧道股份(600820.SH)发布2025年中报。 公司营业总收入为220.21亿元，在已披露的同业公司中排名第1，较去年同报告期营业总收入减少60.22 亿元，同比较去年同期下降21.47%。归母净利润为7.27亿元，在已披露的同业公司中排名第1，较去年 同报告期归母净利润减少5808.86万元，同比较去年同期下降7.40%。经营活动现金净流入为-37.10亿 元，在已披露的同业公司中排名第23，较去年同报告期经营活动现金净流入增加5195.51万元。 公司最新资产负债率为76.04%，在已披露的同业公司中排名第18，较上季度资产负债率增加0.28个百分 点，较去年同期资产负债率减少2.03个百分点。 公司摊薄每股收益为0.21元，在已披露的同业公司中排名第2，较去年同报告期摊薄每股收益减少0.04 元，同比较去年同期下降16.00%。 公司最新总资产周转率为0.13次，在已披露的同业公司中排名第9，较去年同期总资产周转率减少0.05 次，同比较去年同期下降26.34%。最新存货周转率为12.85次，较去年同期存货周转率减少8.04次，同 比较去年同期下降38.49%。 公司股东户数为 ...

Core Insights - Tunnel Corporation (600820.SH) reported a revenue of 22.021 billion yuan for the first half of 2025, representing a year-on-year decline of 21.47% [1] - The net profit attributable to shareholders of the listed company was 727 million yuan, down 7.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 680 million yuan, showing a slight increase of 0.21% year-on-year [1] - Basic earnings per share stood at 0.21 yuan [1]

Core Viewpoint - The Shanghai Tunnel Engineering Co., Ltd. reported a decrease in revenue and profit for the first half of 2025, with a focus on maintaining operational stability and exploring new business opportunities in infrastructure and digital solutions [1][2]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 22.02 billion RMB, a decrease of 21.47% compared to the same period last year [2]. - The total profit for the period was approximately 1.02 billion RMB, down 17.71% year-on-year [2]. - The net profit attributable to shareholders was approximately 680.15 million RMB, showing a slight increase of 0.21% [2]. - The company proposed a cash dividend of 0.80 RMB per 10 shares, amounting to a total distribution of approximately 251.53 million RMB, which is 37.71% of the net profit [1]. Business Segments - The company operates in various sectors, including infrastructure construction, design services, and urban operations [3][4]. - The construction segment generated approximately 18.56 billion RMB in revenue, with a gross margin of 11.13%, but saw a decrease in revenue by 24.01% year-on-year [3]. - The design services segment reported revenue of approximately 526.31 million RMB, down 26.49% from the previous year [3]. - The infrastructure operation business generated approximately 1.52 billion RMB, with a gross margin increase of 21.91% [3]. Strategic Initiatives - The company is actively involved in PPP and BOT projects, with 52 ongoing projects in various stages of development [4][5]. - The company has established a digital information division that focuses on smart city solutions and digital infrastructure management [6][7]. - The company is also expanding its financing leasing and factoring services, targeting the infrastructure sector [8][9]. Market Position and Competitiveness - The company has a strong market presence in the construction and design of large-scale infrastructure projects, including tunnels and railways, with over 32 major tunnel projects completed [4][10]. - The company has received numerous patents and awards for its innovative technologies in tunnel construction and safety management [15]. - The company aims to enhance its competitive edge through digital transformation and the integration of advanced technologies in its operations [11][12].

Core Viewpoint - Shanghai Tunnel Engineering Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's operational performance [1]. Financial Performance - Total assets decreased from CNY 172.74 billion at the end of the previous year to CNY 170.94 billion, a decline of 1.04% [1]. - Operating revenue fell by 21.47%, from CNY 28.04 billion to CNY 22.02 billion [1]. - Total profit decreased by 17.71%, from CNY 1.24 billion to CNY 1.02 billion [1]. - Net profit attributable to shareholders decreased to CNY 680.15 million, showing a slight increase from CNY 678.75 million in the previous year [1]. - The company proposed a cash dividend of CNY 0.80 per 10 shares, amounting to a total distribution of CNY 251.53 million, which is 37.71% of the net profit for the period [1]. Shareholder Information - The total number of shareholders as of the report date was 99,977 [2]. - Major shareholders include Shanghai Urban Construction Group Co., Ltd. with a 31.28% stake and Shanghai Guosheng Group Co., Ltd. with a 7.39% stake [2]. Debt and Financial Ratios - The company has issued various bonds, including a public offering of perpetual corporate bonds [5][6]. - The debt-to-asset ratio was reported at 76.04%, slightly improved from 77.20% in the previous year [6]. - EBITDA interest coverage ratio increased to 3.04 from 2.94, indicating improved ability to cover interest expenses [6].

Group 1 - The supervisory board of Shanghai Tunnel Engineering Co., Ltd. held its 18th meeting of the 10th supervisory board on August 15, 2025, with all three supervisors present and no dissenting or abstaining votes [1][2] - The supervisory board approved the company's 2025 semi-annual report, confirming that it reflects the company's operational management and financial status accurately [1][2] - The supervisory board also approved the 2025 semi-annual profit distribution plan, which considers the company's operational needs and shareholder interests, complying with relevant laws and regulations [2]

证券代码：600820 证券简称：隧道股份 公告编号：临 2025-036 债券代码：115633 债券简称：23 隧道 K1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●每股分配比例 每股派发现金红利 0.08 元（含税） ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。截至 2025 年 6 月 30 日公司 总股本为 3,144,096,094 股。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分红比例，并将另行公告具体调整情况。 一、利润分配预案内容 上海隧道工程股份有限公司（简称"公司"）2025 年半年度共实 现归属于上市公司普通股股东的净利润 667,016,872.11 元，截至 债券代码：115902 债券简称：23 隧道 K2 上海隧道工程股份有限公司 经公司第十届董事会第四十八次会议审议通过，公司 2025 年半 年度拟以实施权益分派股权登记日登记的总股本 3,144,096,094 股为 ...

Group 1 - The board meeting of Shanghai Tunnel Engineering Co., Ltd. was held on August 26, 2025, with 7 out of 8 directors present, and all resolutions were passed unanimously [1][2] - The meeting approved the company's 2025 semi-annual report, with all votes in favor [2] - The board authorized the Macau and Hong Kong branches to handle certain overseas business matters, which was also passed unanimously [2] Group 2 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.80 yuan per 10 shares (including tax), amounting to a total distribution of 251,527,687.52 yuan, which represents 37.71% of the net profit attributable to shareholders [2] - The profit distribution plan does not require further approval from the shareholders' meeting, as it was authorized by the shareholders' meeting held on June 27, 2025 [2]

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-034 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十八次会议，于 2025 年 8 月 15 日以电子邮件方式发出会议通知，并 进行了电话确认，于 2025 年 8 月 26 日上午在宛平南路 1099 号 208 会议室召开。出席会议的董事有葛以衡、刘纯洁、袁涛、王刚、张桂 戌、张纯、王啸波，董事叶颖因个人原因无法出席会议，委托董事王 刚代为行使表决权；监事田赛男、彭瑶、杨帆列席了会议；副总裁王 志华、胡军，首席信息官熊诚，总法律顾问冯凯，董事会秘书张连凯 和财务资金部总经理吴亚芳列席了会议，会议由公司董事长葛以衡先 生主持。本次会议的召集、召开符合相关法律、法规和《公司章程》 的规定。 上海隧道工程 ...